XML 34 R22.htm IDEA: XBRL DOCUMENT v3.20.2
Securities (Tables)
9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Fair Value of Available-for-sale and Held-to-maturity Securities
The amortized cost and fair value of securities available-for-sale and held-to-maturity at September 30, 2020 and December 31, 2019 are summarized as follows (in thousands):
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
September 30, 2020:    
Securities available-for-sale:    
U.S. Treasury securities$84,438 $28 $$84,464 
U.S. government agency securities75,345 1,543 29 76,859 
Mortgage-backed securities1,634,329 69,311 2,428 1,701,212 
State and municipal securities1,324,383 31,081 27,743 1,327,721 
Asset-backed securities169,540 470 1,171 168,839 
Corporate notes and other106,638 1,063 3,374 104,327 
 $3,394,673 $103,496 $34,747 $3,463,422 
Securities held-to-maturity:    
State and municipal securities$1,039,841 $23,814 $2,808 $1,060,847 
 $1,039,841 $23,814 $2,808 $1,060,847 
Allowance for credit losses - securities held-to-maturity(191)
Securities held-to-maturity, net of allowance for credit losses$1,039,650 

December 31, 2019:    
Securities available-for-sale:    
U.S. Treasury securities$72,862 $19 $14 $72,867 
U.S. government agency securities80,096 306 710 79,692 
Mortgage-backed securities1,458,894 12,789 7,776 1,463,907 
State and municipal securities1,669,606 52,096 7,249 1,714,453 
Asset-backed securities153,963 302 1,293 152,972 
Corporate notes and other56,212 635 743 56,104 
 $3,491,633 $66,147 17,785 $3,539,995 
Securities held-to-maturity:    
State and municipal securities$188,996 $12,221 $— $201,217 
 $188,996 $12,221 $— $201,217 
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity
The amortized cost and fair value of debt securities as of September 30, 2020 by contractual maturity are shown below. Actual maturities may differ from contractual maturities of mortgage- and asset-backed securities since the mortgages and assets underlying the securities may be called or prepaid with or without penalty. Therefore, these securities are not included in the maturity categories in the following summary (in thousands):
 Available-for-saleHeld-to-maturity
September 30, 2020:Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$85,090 $85,120 $— $— 
Due in one year to five years12,059 12,446 1,409 1,482 
Due in five years to ten years175,812 181,102 7,209 7,293 
Due after ten years1,317,843 1,314,703 1,031,223 1,052,072 
Mortgage-backed securities1,634,329 1,701,212 — — 
Asset-backed securities169,540 168,839 — — 
 $3,394,673 $3,463,422 $1,039,841 $1,060,847 
Classification of Investments According to Term of Unrealized Losses of Less than Twelve Months or Twelve Months or Longer
At September 30, 2020 and December 31, 2019, the following investments had unrealized losses. The table below classifies these investments according to the term of the unrealized losses of less than twelve months or twelve months or longer (in thousands):
 Investments with an Unrealized Loss of
less than 12 months
Investments with an Unrealized Loss of
12 months or longer
Total Investments with an
Unrealized Loss
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized
Losses
At September 30, 2020      
U.S. Treasury securities$25,973 $$— $— $25,973 $
U.S. government agency securities10,576 6,360 25 16,936 29 
Mortgage-backed securities138,532 1,746 39,350 682 177,882 2,428 
State and municipal securities199,365 3,608 539,131 24,676 738,496 28,284 
Asset-backed securities74,977 355 67,973 816 142,950 1,171 
Corporate notes26,309 174 22,880 3,200 49,189 3,374 
Total temporarily-impaired securities$475,732 $5,889 $675,694 $29,399 $1,151,426 $35,288 
At December 31, 2019      
U.S. Treasury securities$40,505 $14 $— $— $40,505 $14 
U.S. government agency securities1,222 30,892 709 32,114 710 
Mortgage-backed securities458,881 5,102 163,767 2,674 622,648 7,776 
State and municipal securities204,958 1,938 244,884 5,311 449,842 7,249 
Asset-backed securities75,488 796 59,816 497 135,304 1,293 
Corporate notes— — 16,908 743 16,908 743 
Total temporarily-impaired securities$781,054 $7,851 $516,267 $9,934 $1,297,321 $17,785